Classic Car Insurance

Owning a classic car may require you to purchase a special type of classic car insurance. This special insurance is non-standard and affords the owner of a classic car optimum coverage for his investment. Although, Insurance companies have certain requirements to classify your vehicle under their classic car insurance program.

In most cases, a classic car, as defined by the insurance industry is one that is more than 15 years old. Some states have a wider definition of 25 years, so a check with your department of motor vehicles would be a first step to determining if your vehicle qualifies as a classic.

Since classic car insurance differs from regular car insurance, the providers of coverage will require a stricter set of rules on a classic car. of a car, the insurer also requires certain conditions an owner must adhere to. These requirements will include the minimum age of the driver, how many years he has been driving, storage of the vehicle, and a limit on annual mileage. Furthermore, the insurer will want to set an 'agreed upon' value for the vehicle.

Most states allow the insurer and owner of a classic car to decide on an agreeable value of the car. The insurance company and you will set a value on the classic car that will become part of the policy. This agreed value is the monetary amount that the classic car insurance will cover in case of total loss. This is much different from a standard policy in which total loss is determined by fair market value or the blue book value.
As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. Of course, an insurance company will also check your driving record prior to issuing a classic car insurance policy.

In addition to the age and experience of the driver, a mileage limit will be assessed on the classic car. Insurance providers vary on this limit, some allow up to 5,000 miles per year while others may permit more. If you want to reduce your monthly premium, you may be able to select a lower mileage limit with some companies. In many cases the insurer will not restrict your use of the car to drive to car clubs, classic car events or car shows, they will restrict your use for commercial purposes or daily commuting.

To get the best out of your classic car insurance, find a company that specifically writes this type of policy. You will find that specialists in this field are better situated to handle your specific needs.